The ABLE Act passed the House today. Thank you Kristi Noem for supporting this bill. Summary: H.R.647 — 113th Congress (2013-2014)All Bill Information (Except Text) There is one summary for this bill. Bill summaries are authored by CRS. Shown Here: Introduced in House (02/13/2013) Achieving a Better Life Experience Act of 2013 or the ABLE Act of 2013 - Amends the Internal Revenue Code to establish tax-exempt ABLE accounts to assist an individual with a disability in building an account to pay for qualified disability expenses. Defines qualified disability expenses to include expenses for education, including higher education expenses, a primary residence, transportation, obtaining and maintaining employment, health and wellness, and other personal support expenses. Treats a qualified ABLE program and an ABLE account in the same manner as a qualified tuition program for income tax purposes (i.e., allowing a tax exemption for such program and an exclusion from gross income of amounts attributable to a contributor to or a beneficiary of a program account). Defines qualified ABLE program as a program established and maintained by a state agency under which a person may make contributions to an ABLE account established to pay for qualified disability expenses. Requires amounts in ABLE accounts to be disregarded in determining eligibility for Medicaid and other means-tested federal programs. Suspends the payment of supplemental security income benefits under title XVI (Supplemental Security Income) of the Social Security Act to an individual during any period in which such individual has excess resources attributable to an ABLE account.
Posted on: Fri, 05 Dec 2014 00:25:37 +0000
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